Glassdoor Inc. has raised $40 million in a funding round that has lowered its share price, reflecting a shift by venture-capital investors to push back on the values of even promising startups.

Mutual fund giant T. Rowe Price led the funding for the online jobs and recruiting site, which enables employee reviews of employers. The stake brings Glassdoor’s total capital raised to about $200 million while adding an institutional investor to a roster that includes Google Capital, Tiger Global and Battery Ventures.